Confirmed breakdown of bearish pennant? Five things to watch this week in Bitcoin

BTC spot price action appears gloomy Monday, but traders, analysts, and more point out that there are virtually no reasons to be bearish about Bitcoin.
Bitcoin (BTC), which is now in its second week, begins in a precarious position — below $45,000 and below key moving averages. What’s next? Bitcoin (BTC) begins a new week in a precarious place — below $45,000 and below some key moving averages. BTC/USD has fallen 13% in one week. Cointelegraph looks at five factors that could help traders predict what the next move might be. However, shocks to Bitcoin’s system continue to impact price action as demonstrated by the Federal Reserve Jackson Hole virtual Summit earlier in September. Edwards also added that the world still views Bitcoin as an asset risk. “Almost every Bitcoin correction since 2021 has been correlated with a S&P500 error of -2% or greater.” BTC/USD vs. S&P500 annotated chart. Source: Charles Edwards/Twitter. On the flip side, strong stocks could help to keep the U.S. currency in check. This may allow Bitcoin to continue its upward trend. Spot price falls further below bullish metrics. Forecasters argue that macro moves could be the deal-breaker in this week’s BTC/USD price trajectory. “Stablecoin liquidity is increasing, bitcoin on exchanges hits a 3-year low,” Moskovski Capital CEO Lex Moskovski stated. “If macro doesn’t sh*t the bed, the next leg up is programmed.”Moskovski later added that macro markets had indeed begun the week in the green and that stablecoins, not used as shorting collateral, made a clear bullish argument.Stablecoins are at all time high and not used as a collateral for shorts.Legacy finance opened green.What is your thesis for selling, soldier? pic.twitter.com/J2PMtsRVWn– Lex Moskovski (@mskvsk) September 13, 2021

Cointelegraph reported that current price floor estimates are $43,000 and $38,000. However, a rebound from such low levels is possible. Lark Davis, a popular Twitter account, said Monday that bitcoin could still reach 100k by the end of the year. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewNonetheless, veteran trader Peter Brandt is sounding the alarm — at least for the time being. “There is a name to this chart pattern. “Dancing with 2017” he tweeted alongside the daily charts showing what appears to be a breakdown in a bearish pennant structure. “Dancing With 2017” It’s not all doom & gloom. Bitcoin is still “dancing” with 2017 in terms of price gains. This is according to Decentrader analyst Filbfilb. Source: DecentraderThe chart illustrates the extent to which May’s miner rout halted progress. Source: Decentrader. The chart shows the extent to which Bitcoin’s gains in 2017 and 2013 were interrupted by May’s miner rout. This is a feature that has distinguished last week’s price dip environment from previous ones. Investor behavior — everyone bought. Last week’s excess supply was not a panic like the episodes of March 2020. Instead, it was poured onto the market by speculators who were eager to buy up the assets.Whales recently added. Minnows stack. 10000 BTC holders mainly flat,” he said Sunday, citing data from Glassnode, an on-chain analytics firm. “Reserves held public reducing (mainly exchanges reducing while corporations adding).” Chart of bitcoin supply distribution. Source: Willy Woo. Twitter Similar data supports the fact that Bitcoin’s supply has never been more in demand. Analyst William Clemente pointed out that last week had little to no impact on hodler patterns. “93% of Bitcoin’s total supply has not moved in at most a month.” This is an all time high. This is an all-time high. Source: William Clemente/ TwitterWhere once there was greed, now there is fear…It’s all changing for the Crypto Fear & Greed Index which tracks investor sentiment. Source: Alternative.meFunding rates across exchanges, being slightly positive, nonetheless do not discount the possibility of a “short squeeze” boosting price performance.

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